RESIDENTIAL MARKET REPORT DECEMBER QUARTER 2017

Size: px
Start display at page:

Download "RESIDENTIAL MARKET REPORT DECEMBER QUARTER 2017"

Transcription

1 RESIDENTIAL MARKET REPORT DECEMBER QUARTER 2017 EXECUTIVE SUMMARY RESIDENTIAL LAND MARKET - VICTORIA The established house and vacant land markets across Greater Melbourne continued to remain buoyant in December quarter Greater Melbourne s median house price of $821,000 in December quarter 2017 represented solid growth of 6.9% from the corresponding quarter a year earlier. The growth corridors within Melbourne, Geelong and Surf Coast recorded 5,759 gross lot sales in December quarter 2017 (-1.6% from December quarter 2016). The median land price across Greater Melbourne s growth corridors was $303,000 in December quarter 2017, equating to growth of 5.2% from September quarter 2017 and 28.5% from December quarter Further highlighting the strength of new house demand that underpinned this solid price growth was that it coincided with the median lot size across Greater Melbourne s growth corridors shrinking by 3.4% from the previous quarter to 416m 2 in December quarter ECONOMIC UPDATE Annual Gross Domestic Product (GDP) to September 2017 increased by 2.24% on annual GDP to September 2016, with public investment spending and exports the key drivers of economic activity. Growth in the Victorian economy outperformed the national average, with annual State Final Demand (SFD) at September 2017 being 4.70% higher than the same period at June The RBA has maintained the cash rate at a historical low of 1.50% through December quarter FINANCE AND BUILDING ACTIVITY - VICTORIA Improving economic conditions and strong population growth in Victoria, combined with historical low borrowing costs, has underpinned robust owner occupier demand through The number of loans for the construction of new dwellings or newly erected dwellings that have not previously been occupied during calendar 2017 of 32,363 dwellings, was 10.9% higher than the previous corresponding twelve month period. In Victoria, there were 37,048 new detached houses approved during calendar 2017, reflecting an annual increase of 1.8%. $ sqm $ m Lot Sales Lot Prices Lot Sizes Victorian Economy Performance Finance Activity Detached Building Approvals

2 VACANT LAND MARKET - VICTORIA GROSS SALES The number of land sales recorded by the RPM Research Division since the middle of 2014 reflects an exceptionally strong market. In particular, gross sales were just below 7,000 lots in both June quarter and September quarter in The growth corridor regions in Melbourne and Geelong have recorded 5,759 gross lot sales in December GROSS SALES Gross Sales 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 quarter 2017, which represented a slight decline of 1.6% from the previous corresponding quarter. LAND PRICES AND LOT SIZES The median price of all vacant lots sold within the growth corridors across Greater Melbourne (excluding Geelong and Surf Coast) was $303,000 in December quarter 2017, representing growth of 5.2% from the previous quarter and a substantial 28.5% from December quarter Significantly, this was the tenth consecutive quarter that annual growth of Greater Melbourne s quarterly median land price has accelerated. Further highlighting the strengthening of new house demand through this period, has been the decline in the median lot size for vacant lots sold within Greater Melbourne s growth corridors, which in December quarter 2017 was 416m 2. This was 3.4% smaller than the median lot size in the previous quarter, and 8.8% below the median lot size in June quarter 2015, where annual median lot price growth has continually increased since. City of Casey recorded the highest median lot price of $357,000 in December quarter However, more notably, the median lot price in four other municipalities of Cardinia, Whittlesea, Hume and Wyndham all surpassed $300,000 during December quarter Moorabool Shire contained the least expensive median lot price of $192,500, and was also the only growth corridor with a median lot price of below $200,000. Interestingly, the Surf Coast median lot price of $329,000 in December quarter 2017 was more expensive than the corresponding figure for Greater Melbourne, which is likely WESTERN CORRIDOR Median Land Price $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Wyndham (LHS) Melton (LHS) Moorabool (LHS) Wyndham (RHS) Melton (RHS) Moorabool (RHS) NORTHERN CORRIDOR Median Land Price $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Hume (LHS) Mitchell (LHS) Whittlesea (LHS) Hume (RHS) Mitchell (RHS) Whittlesea (RHS) SOUTH EASTERN CORRIDOR South East Corridor Median Land Price $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ Median Lot Size (sqm) Median Lot Size (sqm) Median Lot Size (sqm) attributed to the region s attraction to changeover buyers. All Greater Melbourne growth regions experienced double Casey (LHS) Cardinia (LHS) Casey (RHS) Cardinia (RHS) digit annual price growth in December quarter 2017, ranging from 25.3% in City of Wyndham, to 62.8% in City of Melton. Importantly, changes in land price become more relevant when compared to that for lots sizes, with the median lot size in City of Melton shrinking by 6.7% over calendar Only two other municipalities experienced a larger percentage fall in their respective median lot size, being 9.3% in Hume and 8.8% in Moorabool. Conversely, the median lot size in Cardinia GREATER GEELONG & SURF COAST CORRIDOR Median Land Price $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ Median Lot Size (sqm) increased by 33% over calendar Geelong (LHS) Surf Coast (LHS) Geelong (RHS) Surf Coast (RHS) Source: RPM Research Division

3 TOPIC OF INTEREST THE CHANGING LANDSCAPE OF THE GREENFIELD MARKET MELBOURNE GROWTH CORRIDOR SNAPSHOT A little over 10,000 surveys were included across the 3 calendar years to December 2017 OWNER OCCUPIER VS INVESTOR Type Owner Occupier 82% 74% 71% Investor 18% 26% 29% There has been an increasing share of investors taking ownership in the greenfield market as they continue to see strong capital growth and robust rental returns OWNER OCCUPIER TYPE Type First Home 63% 60% 53% Second Home 24% 26% 32% Third + home 13% 14% 15% Families increasingly upgrading into land estates, which are no longer just for budget conscious buyers or first home buyers - which have decreased COUNTRY OF BIRTH (OWNER OCCUPIERS) TOP 3 Country Australia 47% 39% 33% India 29% 35% 46% Sri Lanka 7% 6% 5% Shifting demographics have seen a change in where buyers come from with an increasing presence of Indian owner occupiers MODE OF TRAVEL TO WORK Mode of Travel Car 89% 86% 85% Train 9% 12% 13% Walk 2% 2% 2% Personal transport remains the most prominent, though increasing infrastructure has provided a choice which will increasingly take a larger share as the roads become even more congested DISTANCE TO EMPLOYMENT Distance less than 10km 27% 20% 17% 10 to 20km 36% 37% 41% more than 20km 38% 43% 41% An increasing share of home owners travel further than 10km to their workplace

4 NUMBER OF STOREYS TO CONSIDER Storeys Single 75% 57% 55% Double 18% 28% 25% Undecided 7% 15% 20% A significant fall has taken place in single storey dwellings, though an increasing share of buyers remained undecided at time of purchasing which indicates buyers are more focused on securing a lot first SIZE OF HOME CONSIDERED (SQS) Size of Home up to 20sqs 22% 24% 22% 21 to 25sqs 37% 37% 38% 26 to 30sqs 24% 24% 27% above 30sqs 17% 15% 13% An increasing presence of homes between 26-30sqs has taken place, indicating growing families BUDGET ON NEW HOME CONSTRUCTION HOUSE & LAND BUDGET Budget < $200,000 34% 33% 19% $200,000-$300,000 50% 50% 61% $300,000-$400,000 12% 13% 16% >$400,000 4% 4% 4% The expected build cost of between $200,000 and 300,000 has increased significantly over the last 12 months, with a decreasing share of budgets under $200,000 Budget < $350,000 18% 15% 6% $350,000-$450,000 49% 53% 29% $450,000-$550,000 23% 20% 39% $550,000-$600,000 5% 6% 13% >$600,000 5% 6% 13% An increasing share of buyers are expecting to pay in excess of $450,000 for both their house and land

5 TOPIC OF INTEREST GREATER GEELONG CORRIDOR SNAPSHOT 1,503 surveys were included across the 3 calendar years to December 2017 OWNER OCCUPIER VS INVESTOR Type Owner Occupier 87% 72% 74% Investor 13% 28% 26% There has been an increasing share of investors taking ownership in the greenfield market, and Geelong is no different with 26% of buyers being investors which is reflective of the share of the Melbourne market OWNER OCCUPIER TYPE Type First Home 47% 42% 41% Second Home 26% 25% 20% Third + home 26% 33% 40% Unlike the estates in the Metro Melbourne, Geelong attracts not only FHBs but an equally large share of upgraders with an increasing number of buyers moving into at least their third home COUNTRY OF BIRTH (OWNER OCCUPIERS) TOP 3 Country Australia 89% 86% 80% India 1% 3% 9% UK 4% 5% 4% The presence of nationalities outside of Australians are far more remote than the Melbourne growth corridors with only a small share of buyers coming from India and the UK MODE OF TRAVEL TO WORK Mode of Travel Car 94% 95% 96% Train 3% 4% 3% Walk 3% 1% 1% Personal transport remains the most prominent, though increasing train infrastructure has provided a choice and with further spending mooted will take an increasing share DISTANCE TO EMPLOYMENT Distance less than 10km 42% 21% 25% 10 to 20km 33% 32% 37% more than 20km 25% 47% 38% An increasing share of home owners travel further than 10km to there workplace. This is reflective of the Melbourne market overall. The share in Geelong is likely to increase further as buyers working in Metro Melbourne will continue to move down to Geelong to take advantage of the price differential on offer

6 NUMBER OF STOREYS TO CONSIDER Storeys Single 82% 69% 67% Double 11% 20% 11% Undecided 7% 11% 22% A significant fall has taken place in single storey dwellings, with an increasing share of buyers remaining undecided at time of purchasing the lot - this is reflective of the Melbourne market overall SIZE OF HOME CONSIDERED (SQS) Size of Home up to 20sqs 19% 21% 10% 21 to 25sqs 44% 49% 48% 26 to 30sqs 24% 21% 31% above 30sqs 13% 9% 11% An increasing presence of homes between 26-30sqs has taken place, indicating growing families, with a fall in homes under 20sqs BUDGET ON NEW HOME CONSTRUCTION HOUSE & LAND BUDGET Budget < $200,000 30% 29% 9% $200,000-$300,000 52% 54% 70% $300,000-$400,000 14% 15% 17% >$400,000 4% 2% 4% The expected build cost of between $200k and 300k has increased significantly, with a decreasing share of budgets under $200k Budget < $350,000 19% 19% 4% $350,000-$450,000 50% 57% 45% $450,000-$550,000 21% 12% 39% $550,000-$600,000 5% 6% 7% >$600,000 5% 6% 5% An increasing share of buyers are expecting to pay between $450k and $550k for both their house and land

7 NEWS AND UPDATES VICTORIAN PLANNING AUTHORITY Plumpton and Kororoit Precinct Structure Plans were approved and gazetted in February In an effort to boost housing supply, the VPA has been set a target to complete 17 Precinct Structure Plans over 2017 and 2018, which will include the rezoning of more than 100,000 lots. The table below contains projections for the number dwellings, people and jobs each of these 17 Precinct Structure Plans are anticipated to support. Precinct Structure Plan LGA Status Estimated Dwellings Estimated Population Estimated Jobs Pakenham East Cardinia Community Engagement & Exhibition 7,150 21,000 1,313 McPherson Casey Structure Plan Finalisation 10,100 28,300 1,619 Minta Farm Casey Review of Submissions 3,000-10,000 Lancefield Road Hume Structure Plan Finalisation 8,000 22,000 - Lindum Vale Hume Review of Submissions 1, Sunbury South Hume Structure Plan Finalisation 11,800 33,000 - Kororoit Melton Completed - February ,200 25,875 2,100 Mt Atkinson & Tarneit Plains Melton Completed - September ,700 19,000 18,000 Plumpton Melton Completed - February ,680 29,900 12,000 Beveridge Central Mitchell Submitted for Approval 3,640 10,193 - Beveridge North West Mitchell Council & State Agency Consultation 11,290 31,611 6,165 Donnybrook & Woodstock Whittlesea Completed - November ,400 46,000 3,316 Shenstone Park Whittlesea Council Led Wollert Whittlesea Completed - February ,060 42,168 8,040 Quandong Wyndham Council Led Source: Victorian Planning Authority Furthermore, background studies and draft structure preparation for the following Precinct Structure Plans have commenced during 2017 Aviators Field (Point Cook South) and Werribee Junction in City of Wyndham; Craigieburn West and Merrifield North in City of Hume; Wallan South in Mitchell Shire Croskell (Casey Central) and Clyde South in City of Casey; and Officer Employment in Cardinia Shire.

8 MELBOURNE RESIDENTIAL MARKET PRICES Property prices in Melbourne have trended upwards since the middle of 2013, with detached houses achieving stronger growth than units. The established housing market to date remains robust when compared to other states with approximately 44,177 auctions held in Victoria during the twelve months to November 2017, with a clearance rate of 75.7% (REIV). The number of auction sales during the twelve months to November 2017 is 13.5% higher than the corresponding period a year earlier, where the clearance rate was 73.6% (REIV). At December quarter 2017 preliminary data recorded; House price of $821,000 (+1.1% from the previous quarter, and +6.9% from the corresponding quarter a year earlier) Unit price of $594,500 (+1.2% from the previous quarter, +5.9% from the corresponding quarter a year earlier) Land price of $303,000 (+5.2% from the previous quarter, +28.5% from the corresponding quarter a year earlier) Median House & Apartment Price MELBOURNE PRICES $850,000 $800,000 $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 Melb House Price (LHS) Melb Unit Price (LHS) Melb Land Price (RHS) $821,000 $303,000 $594,500 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 Median Land Price Source: REIV, RPM Research Division PRICE CHANGE % change 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 29% 7% 16% 6% 11% 109% 80% 55% 56% 42% 44% 33% 12 months 2 years 5 years 10 years Melbourne House Price Melbourne Unit Price Melbourne Land Price Source: REIV, RPM Research Division

9 ECONOMIC MARKET UPDATE Australia s Gross Domestic Product (GDP) in September quarter 2017 (the latest available data) increased by 0.6% from the corresponding figure in the previous quarter. This led to growth of annual GDP to September 2017 improving to 2.24%. Exports and public investment are two sectors of the economy driving growth in economic activity. However, GDP growth remains below the long term trend. Private consumption growth is moderate in the face of low wage growth, while weak business investment persists. Moreover, a previous growth driver for the economy in dwelling investment has stabilised through 2017, resulting in annual growth to just 0.63% at September Nevertheless, growth in the Victorian economy has outperformed the national average, with annual State Final Demand (SFD) at September 2017 being 4.70% higher than the same figure at September This places Victoria second, behind Northern Territory (5.90%). Victoria experienced strong annual growth of 4.60% in the number of employed persons at December This was also the second highest employment growth rate amongst all states and territories. However, the unemployment rate at December 2017 of 6.1% was above the national rate of 5.5%, likely attributed to the closure of the car manufacturing industry. Public Investment Victorian State Economy Employment Source: Australian Bureau of Statistics INTEREST RATE After reducing the cash rate by 25 basis points in both May and August of 2016, the RBA has made no further changes in following fifteen monthly meetings, leaving the cash rate at a historical low of 1.50%. This persistent low interest rate environment has been attributed to below trend economic growth and low wage growth resulting in weak inflationary pressures. Moreover, slowing house price growth in Sydney and Melbourne and residential investment lending has removed the requirement for the cash rate to rise in the short term. Nevertheless, additional cuts to the cash rate are unlikely, with the next RBA move in the cash rate still likely to be up. APRA s directive for banks to limit the flow of new interest only lending to 30% of new residential mortgage lending and subsequent strict criteria for allowing interest only loans to have a LVR of above 80%, resulted in higher borrowing rates for interest only loans for both owner occupiers and investors to entice borrowers to move to principal and interest loans. The official standard variable interest rate for owner occupiers sits at 5.20% (while investor loans sits at 5.80%). However, with some bargaining owner occupiers can obtain a discounted interest rate of 4.50% (investors can obtain 5.10%) from the major lenders. Furthermore, some banks outside of the big four currently have introductory rates of 3.65% for owner occupiers who pay principal and interest. 1.50% 5.20% 4.50% 4.10% % 3 yr - Cash Rate (Dec-17) Standard Variable Rate (Owner Occupiers - Dec-17) Discounted Variable Rate (Dec-17) 3 Year Fixed Rate (Dec-17) Source: Reserve Bank Australia

10 CONSUMER SENTIMENT The Westpac-Melbourne Institute Consumer Sentiment Index is the most widely quoted barometer of consumer sentiment in Australia. A score of greater than 100 means that optimists outnumber pessimists, with readings of below 100 indicating that pessimistic consumers are in the majority BUSINESS CONDITIONS NAB s Business Survey has been tracking Australian business confidence levels for more than two decades. Businesses are approached quarterly, with two smaller monthly surveys conducted in the intervening months to capture changes on a more regular basis. The panel now exceeds 2,700 businesses. Business Conditions Index = Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 NAB Index Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep Dec-2017 Source: Westpac Melbourne Institute Consumer Sentiment Index Source: National Australia Bank Business Survey The Westpac-Melbourne Institute Consumer Sentiment Index has improved in December 2017, rising to Notably, this was the Index s highest monthly reading in four years, with the improvement in consumer sentiment showing up in a recovery in retail spending. However, many households are still concerned about family finances, in response to high debt levels. This will limit the ability for consumers to deplete savings further, and halt any continued recovery in spending. Growth in business conditions has largely remained solid from the middle of 2015, with the December 2017 result of an 11.6 percentage point increase continuing the double digit monthly rises since December The lift in overall business conditions in December quarter 2017 was attributed to stronger trading conditions and profitability. Strong business conditions are present across most major industry groups, with the construction industry is particularly buoyant, attributed to a large pipeline of residential construction work. Business conditions are also robust across all states, with the Victorian index recording a 13 percentage point increase. VICTORIAN POPULATION 35,000 30,000 Victoria gained 32,932 people during June quarter 2017 (latest available data), lifting its estimated resident population to 6,323,606 people. This equated to a population increase of People 25,000 20,000 15,000 10, ,357 people or 2.34% growth in Victoria over 5,000 the twelve months to June 2017, which were both - the strongest in absolute terms and percentage -5,000 terms amongst all states and territories. Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Natural Increase Net overseas migration Net interstate migration Source: Australian Bureau of Statistics

11 POPULATION COMPONENTS A breakdown of the three components of population growth shows that in June quarter 2017 Victoria recorded; Natural Increase + Net Interstate Migration Net Overseas Migration +38.5% * -27.8% * +27.6% * +40,274 persons over the 12 months to June 2017 (+0.4%). Reflects 28% of the national natural increase +17,182 persons over the 12 months to June 2017 (+2.9%). +86,901 persons over the 12 months to June 2017 (+23.1%). Reflects 35% of the national intake * Increase on same quarter of the previous year FINANCE ACTIVITY - VICTORIA LOANS BY DWELLING TYPE Victoria is experiencing record levels of owner occupation lending, with 51,422 new loans approved during December quarter Buoyant owner occupation demand has been underpinned by strong population growth and historical low borrowing costs. As a result, the number of new owner occupier loans escalated by 10.4% from the same period in In December quarter 2017, compared to the previous corresponding period, new owner occupation loans for newly constructed dwellings and recently constructed dwellings (but have not been lived in) increased by a sizeable 16.2%, and by 10.4% for established dwellings. Established dwellings accounted for a relatively high 83% of total new owner occupation loans in the three month period. Overall, the number of new owner occupation loans during calendar 2017 in Victoria was also a record at 189,659 loans, which was 5.2% above the number of similarly financed dwellings over calendar No. of new dwellings 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 45,000 40,000 35,000 30,000 25,000 20,000 No. of established dwellings new dwelling (LHS) purchase of established dwellings (RHS) Source: Australian Bureau of Statistics

12 VALUE OF LOANS BY PURCHASER TYPE The total value of new owner occupier loans in December quarter 2017 escalated by 15.0% compared to the previous corresponding period. This was primarily attributed to the substantial 28.5% growth in the median lot price over calendar 2017, with owner occupier loans for new dwellings increasing at a greater rate compared to that for established dwellings. This reflects a shift in demand to the relatively more affordable outer metropolitan areas, and also to new housing in developments in the greenfields. The total value of loans to investors in December quarter 2017 was 1.9% higher compared to the same period in This growth rate has eased through 2017, in response to Australian Prudent Regulation Authority (APRA) directives of ensuring residential investor lending growth remains below the 10% cap total value of loan by type ($m) $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Owner Occupier Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Investor Jun-17 Sep-17 Dec-17 and to limit the number of new interest only lending to 30% of Source: Australian Bureau of Statistics new residential mortgage lending. However, the value of investor loans is still increasing, with investors being able to obtain finance through second tier banks, and also major banks feeling more comfortable to lend to investors whilst complying with APRA directives. NUMBER OF LOANS TO FIRST HOME BUYERS AND NON-FIRST HOME BUYERS The number of loans attributed to first home buyers reached 9,892 loans over December quarter 2017, which was a substantial 39.7% higher than first home buyer loans in the same period in This was the highest quarterly total of first home buyer loans since December quarter 2009 when the Federal Government s first home owner boost scheme was in place. This surge in first home buyer demand was attributed to the two Victorian Government initiatives beginning July 2017 of abolishing stamp duty for first home buyers when purchasing a dwelling of up to $600,000 in value, and for owner occupation, and the doubling of the first home buyer grant to $20,000 when purchasing a new dwelling outside of Greater Melbourne. Dwellings financed to non-first home buyers recorded 41,530 loans during December quarter 2017, reflecting a 5.2% increase on the same quarter in the previous year. The escalation in first home buyer demand resulted in their share of total loans improving to its highest proportion in four years of 19%. Considering the number of dwellings financed to non first home buyers also increased, this further highlights the significant boost the two Victorian Government initiatives have had on first home buyer demand. No. of loans 60,000 50,000 40,000 30,000 20,000 10,000 0 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 First Home Buyers Non-First Home Buyers Share of FHBs 23% 20% 18% 15% 13% 10% 8% 5% 3% 0% Source: Australian Bureau of Statistics % share of FHBs

13 AVERAGE LOAN SIZE FIRST HOME BUYERS AND NON-FIRST HOME BUYERS The average loan size to first home buyers in December quarter 2017 increased by 5.2% from the previous corresponding period, while the average loan size to non-first home buyers escalated by 4.8%. After narrowing during the first half of calendar 2016, the divergence between the average loan amount to first home buyers and non-first home buyers has widened again through financial year 2017, with this difference being relatively large. At December 2017, the average loan size attributed to a non-first home buyer was $408,400, $66,200 above the average loan size to a first home buyer ($342,200). Average loan size ($) $425,000 $400,000 $375,000 $350,000 $325,000 $300,000 $275,000 $250,000 FHBs - Average loan size Non-FHBs - Average loan size Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Source: Australian Bureau of Statistics BUILDING ACTIVITY - VICTORIA APPROVALS Victoria recorded a long term high of 22,241 dwelling approvals in December quarter 2017, representing a significant escalation of 34.5% on dwelling approvals in the same quarter in This reversed the trend through the first three quarter periods of 2017 of approvals being lower than their previous corresponding quarter, and also resulted in total approvals in calendar 2017 in Victoria being 3.6% higher than in calendar 2016, at 69,642 dwellings. New detached house recorded a solid 9,525 approvals in December quarter 2017, which reflected growth of 10.1% on new detached house approvals in the same quarter in However, a considerable 103% annual surge in approvals of flats/units/apartments in buildings of 4 storeys and higher in December quarter 2017 to 8,931 dwellings was primarily responsible for the long term high in total dwelling approvals. This quarterly result was largely driven by the record monthly high of November which accounted for more than half of this quarterly figure. This outcome flies in the face of current market sentiment that there is a glut of apartments in the market. It should be noted that these are approvals and there is no certainty that they turn into commencements. In addition, the conversion of high rise dwelling approvals to commencements are historically lumpy in the project pipeline. If they do all come on line, some price softness could occur if population growth does not continue at its current level. During calendar 2017, there were 37,048 new detached houses approved, reflecting a 1.8% increase on house approvals during calendar Over the same period, approvals of semi-detached/row/terrace houses and townhouses increased by a sizeable 20.7%, although flat/unit/apartment approvals still declined by 2.5% despite the record approval numbers in December quarter ,000 10,000 Detached Houses Townhouses Apartments 9,000 No. of approvals 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Source: Australian Bureau of Statistics

14 COMMENCEMENTS Detached house commencements in Victoria are currently at cyclically peak levels, with 36,260 house starts in calendar 2016, and 36,150 house starts estimated in calendar In calendar 2018, detached house commencements are projected to be 8.4% lower, although still relatively high at 33,100 starts. However, detached house starts are forecast to contract by a further 11.8% in calendar 2019, before edging higher during the following two years to The peak in multi unit dwelling commencements of 35,490 starts occurred earlier in calendar 2015, with construction activity declining since. It is estimated that 28,570 multi unit dwellings were commenced in calendar 2017, 19% below the peak two years prior. A further 38% contraction in multi unit dwelling starts is forecast over the next two years, with commencements also diminishing to half the peak level in 2015, equating to an anticipated construction of 17,710 multi unit dwellings in calendar ,000 70,000 Houses Multi-units Forecast 60,000 No. of dwellings 50,000 40,000 30,000 20,000 10,000 36,150 28, (e) Source: Housing Industry Association Although all reasonable care has been taken in the preparation of this report, the RPM Real Estate Group Pty Ltd take no responsibility for the accuracy of the information contained herein. It is recommended that all the information be verified if it is to be used for commercial purposes.

RESIDENTIAL MARKET REPORT MARCH QUARTER 2017

RESIDENTIAL MARKET REPORT MARCH QUARTER 2017 RESIDENTIAL MARKET REPORT MARCH QUARTER 2017 EXECUTIVE SUMMARY RESIDENTIAL LAND MARKET - VICTORIA The established house and vacant land markets across Greater Melbourne continued to remain buoyant in the

More information

RESIDENTIAL MARKET REPORT SEPTEMBER QUARTER 2016

RESIDENTIAL MARKET REPORT SEPTEMBER QUARTER 2016 RESIDENTIAL MARKET REPORT SEPTEMBER QUARTER 2016 EXECUTIVE SUMMARY RESIDENTIAL MARKET - VICTORIA The established house and vacant land markets have remained buoyant through to the September quarter 2016.

More information

PROPERTY MARKET UPDATE

PROPERTY MARKET UPDATE Urban Development Institute of Australia (Victorian Division) PROPERTY MARKET UPDATE UDIA URBAN IQ June 2018 Quarterly Report Information provided by UDIA s Partner, RPM Real Estate Group URBAN IQ UDIA

More information

PROPERTY MARKET UPDATE

PROPERTY MARKET UPDATE Urban Development Institute of Australia (Victorian Division) PROPERTY MARKET UPDATE UDIA URBAN IQ June 2017 Quarterly Report Information provided by UDIA s Partner, RPM Real Estate Group URBAN IQ UDIA

More information

PROPERTY MARKET UPDATE

PROPERTY MARKET UPDATE MODULES & SESSIONS Urban Development Institute of Australia (Victorian Division) PROPERTY MARKET UPDATE UDIA URBAN HQ September 2016 Quarterly Report Information provided by UDIA's Partner, RPM Real Estate

More information

PROPERTY MARKET UPDATE

PROPERTY MARKET UPDATE MODULES & SESSIONS Urban Development Institute of Australia (Victorian Division) PROPERTY MARKET UPDATE UDIA URBAN IQ December 2016 Quarterly Report Information provided by UDIA's Partner, RPM Real Estate

More information

Residential Commentary - Perth Apartment Market

Residential Commentary - Perth Apartment Market Residential Commentary - Perth Apartment Market March 2016 Executive Summary The Greater Perth apartment market has attracted considerable interest from local and offshore developers. Projects under construction

More information

UDIA WA PROPERTY MARKET STATISTICS

UDIA WA PROPERTY MARKET STATISTICS UDIA WA PROPERTY MARKET STATISTICS OCTOBER 217 1 IN THIS ISSUE KEY TRENDS INDUSTRY UPDATE 3 4 ECONOMY RESIDENTIAL LAND DEVELOPMENT RESIDENTIAL PROPERTY SETTLEMENTS RESIDENTIAL PROPERTY MARKET RESIDENTIAL

More information

Quarterly Review The Australian Residential Property Market and Economy

Quarterly Review The Australian Residential Property Market and Economy Quarterly Review The Australian Residential Property Released January 2018 Contents Introduction 3 Housing Market 4 Mortgage Lending 11 Housing Supply 17 Demographic Overview 20 Household Finances 22 National

More information

MONTHLY RESEARCH BULLETIN SEPTEMBER 2016

MONTHLY RESEARCH BULLETIN SEPTEMBER 2016 MONTHLY RESEARCH BULLETIN SEPTEMBER 2016 ABOUT REIV The Real Estate Institute of Victoria has been the peak professional association for the Victorian real estate industry since 1936. Over 2,000 real estate

More information

Inner Perth Residential Market Report

Inner Perth Residential Market Report Inner Perth Residential Market Report MARCH QUARTER 2014 Inner Perth Residential Market Market Highlights While Western Australia will experience slowed short term growth as the state transitions from

More information

RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES

RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES Sep-16 Mar-17 Mar-17 Jun-17 Sep-16 Mar-17 The official cash rate target remained at 1.5 on 6 June 2017. Domestic

More information

RESIDENTIAL MARKET REVIEW

RESIDENTIAL MARKET REVIEW RESIDENTIAL MARKET REVIEW S E P T E M B E R Q U A R T E R 2 0 1 8 RPM REAL ESTATE GROUP IS VICTORIA S MOST SUCCESSFUL RESIDENTIAL DEVELOPMENT SALES, MARKETING AND ADVISORY AGENCY. WE SPECIALISE IN SALES

More information

RESIDENTIAL MARKET REVIEW

RESIDENTIAL MARKET REVIEW RESIDENTIAL MARKET REVIEW M A R C H Q U A R T E R 2 1 8 INSIDE 4 FROM OUR CEO RPM REAL ESTATE GROUP IS VICTORIA S MOST SUCCESSFUL RESIDENTIAL DEVELOPMENT SALES, MARKETING AND ADVISORY AGENCY. WE SPECIALISE

More information

Residential Development Index

Residential Development Index VICTORIA Urban Development Institute of Australia (Victoria) Residential Development Index Half Year Update March 2019 UDIA RDI Research Partners: 1 UDIA Residential Development Index 2 UDIA Residential

More information

UDIA WA PROPERTY MARKET STATISTICS

UDIA WA PROPERTY MARKET STATISTICS UDIA WA PROPERTY MARKET STATISTICS JUNE 218 1 IN THIS ISSUE KEY TRENDS INDUSTRY UPDATE ECONOMY RESIDENTIAL LAND DEVELOPMENT RESIDENTIAL PROPERTY SETTLEMENTS RESIDENTIAL PROPERTY MARKET RESIDENTIAL CONSTRUCTION

More information

UDIA WA PROPERTY MARKET STATISTICS

UDIA WA PROPERTY MARKET STATISTICS UDIA WA PROPERTY MARKET STATISTICS AUGUST 217 1 What s new in strata? Learn how community title schemes and leasehold strata are changing the strata game. Visit landgate.wa.gov.au/strata-reform Subscribe

More information

Residential Commentary Sydney Apartment Market

Residential Commentary Sydney Apartment Market Residential Commentary Sydney Apartment Market April 2017 Executive Summary Sydney Apartment Market: Key Indicators 14,200 units are currently under construction in Inner Sydney with completion expected

More information

UDIA WA PROPERTY MARKET STATISTICS

UDIA WA PROPERTY MARKET STATISTICS UDIA WA PROPERTY MARKET STATISTICS APRIL 218 1 IN THIS ISSUE KEY TRENDS INDUSTRY UPDATE ECONOMY RESIDENTIAL LAND DEVELOPMENT RESIDENTIAL PROPERTY SETTLEMENTS RESIDENTIAL PROPERTY MARKET RESIDENTIAL CONSTRUCTION

More information

Snapshot Adelaide Apartment Market

Snapshot Adelaide Apartment Market Snapshot Adelaide Apartment Market December 215 Executive Summary Our View The Adelaide apartment market is undergoing considerable growth, particularly in the CBD where around 4 apartments will complete

More information

DETACHED MULTI-UNIT APPROVALS

DETACHED MULTI-UNIT APPROVALS HIA New Home Sales DETACHED MULTI-UNIT APPROVALS SALES MULTI-UNIT DETACHED A monthly update on the sales of new homes December 217 TAX BURDEN TAKES TOLL ON New Home Sales during 217 Sales still post modest

More information

26 February 2013 FIRST HALF RESULTS PRESENTATION

26 February 2013 FIRST HALF RESULTS PRESENTATION 26 February 2013 FIRST HALF RESULTS PRESENTATION Investment highlights Proven track record of consistent earnings growth and meeting targets Strategically located and diverse residential portfolio Urban

More information

Market Commentary Perth CBD Office

Market Commentary Perth CBD Office Market Commentary Perth CBD Office November 2016 Executive Summary The vacancy rate at 3Q16 is 24.7%, reflecting a quarterly increase of 0.1 percentage points. Two office projects are under construction

More information

housing outlook Australian Housing Outlook Prepared by BIS Shrapnel October 2012

housing outlook Australian Housing Outlook Prepared by BIS Shrapnel October 2012 housing outlook Australian Housing Outlook 2012 2015 Prepared by BIS Shrapnel October 2012 housing outlook DISCLAIMER: The information contained in this publication has been obtained from BIS Shrapnel

More information

MONTHLY RESEARCH BULLETIN DECEMBER 2016

MONTHLY RESEARCH BULLETIN DECEMBER 2016 MONTHLY RESEARCH BULLETIN DECEMBER 2016 ABOUT REIV The Real Estate Institute of Victoria has been the peak professional association for the Victorian real estate industry since 1936. Over 2,000 real estate

More information

Housing market report

Housing market report Capital city market report Prepared August Dr Andrew Wilson, Senior Economist Australian Property Monitors Buyer momentum rises through mid-winter housing markets National overview Buyer and seller momentum

More information

UDIA WA DEVELOPMENT JUNE 2018

UDIA WA DEVELOPMENT JUNE 2018 UDIA WA DEVELOPMENT JUNE 218 UDIA (WA) The UDIA provides market research and in-depth analysis of the urban development industry and property market. To download this report and other UDIA research visit

More information

Bankwest Future of Business: Focus on Real Estate

Bankwest Future of Business: Focus on Real Estate Bankwest Future of Business: Focus on Real Estate 2018 Contents Key insights Industry overview What s driving industry growth? Spotlight on Australia Spotlight on Western Australia What does the future

More information

BRISBANE HOUSING MARKET STUDY

BRISBANE HOUSING MARKET STUDY BRISBANE HOUSING MARKET 2018 STUDY Executive Summary Brisbane s residential market, especially the detached houses segment has risen steadily over the last year due to the rise in population, falling unemployment

More information

The Profile for Residential Building Approvals by Type and Geography

The Profile for Residential Building Approvals by Type and Geography The Profile for Residential Building Approvals by Type and Geography Key Points: ABS Building Approvals for Australia peaked back in October 2015. As we have frequently highlighted, approvals have subsequently

More information

Housing Price Forecasts. Illinois and Chicago PMSA, October 2014

Housing Price Forecasts. Illinois and Chicago PMSA, October 2014 Housing Price Forecasts Illinois and Chicago PMSA, October 2014 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

UDIA WA PROPERTY MARKET STATISTICS

UDIA WA PROPERTY MARKET STATISTICS UDIA WA PROPERTY MARKET STATISTICS MAY 218 1 IN THIS ISSUE KEY TRENDS INDUSTRY UPDATE 3 4 ECONOMY RESIDENTIAL LAND DEVELOPMENT RESIDENTIAL PROPERTY SETTLEMENTS RESIDENTIAL PROPERTY MARKET RESIDENTIAL CONSTRUCTION

More information

RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES

RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES Feb-17 May-17 Aug-17 Nov-16 Feb-17 May-17 The official cash rate target remained at 1.5 on 1 August 2017. Domestic

More information

UDIA WA PROPERTY MARKET STATISTICS

UDIA WA PROPERTY MARKET STATISTICS UDIA WA PROPERTY MARKET STATISTICS FEBRUARY 218 1 IN THIS ISSUE KEY TRENDS INDUSTRY UPDATE 3 4 ECONOMY RESIDENTIAL LAND DEVELOPMENT RESIDENTIAL PROPERTY SETTLEMENTS RESIDENTIAL PROPERTY MARKET RESIDENTIAL

More information

Hamilton s Housing Market and Economy

Hamilton s Housing Market and Economy Hamilton s Housing Market and Economy Growth Indicator Report November 2016 hamilton.govt.nz Contents 3. 4. 5. 6. 7. 7. 8. 9. 10. 11. Introduction New Residential Building Consents New Residential Sections

More information

Housing Price Forecasts. Illinois and Chicago PMSA, March 2017

Housing Price Forecasts. Illinois and Chicago PMSA, March 2017 Housing Price Forecasts Illinois and Chicago PMSA, March 2017 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

MEASURING THE ACTIVITY OF VICTORIA S RESIDENTIAL DEVELOPMENT INDUSTRY

MEASURING THE ACTIVITY OF VICTORIA S RESIDENTIAL DEVELOPMENT INDUSTRY MEASURING THE ACTIVITY OF S RESIDENTIAL DEVELOPMENT INDUSTRY UDIA RESIDENTIAL DEVELOPMENT INDEX August 2017 Produced by the Urban Development Institute of Australia (UDIA) Victorian Division 1 RDI Major

More information

DETACHED MULTI-UNIT APPROVALS

DETACHED MULTI-UNIT APPROVALS HIA New Home Sales DETACHED MULTI-UNIT APPROVALS SALES MULTI-UNIT DETACHED A monthly update on the sales of new homes September 214 MULTI-UNIT SALES REACH New Cyclical Peak The HIA New Home Sales Report

More information

FACT INDEX Q INDEX SCORE Q

FACT INDEX Q INDEX SCORE Q The Financial Adviser Confidence Tracking () Index has been tracking financial adviser sentiment since 1995 based on the number of mortgages introduced to borrowers over the previous quarter. This figure

More information

Housing Price Forecasts. Illinois and Chicago PMSA, May 2018

Housing Price Forecasts. Illinois and Chicago PMSA, May 2018 Housing Price Forecasts Illinois and Chicago PMSA, May 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Adelaide house market. Outlook. Adelaide unit market. Outlook. Adelaide: dwelling prices CONTENTS. New dwelling supply

Adelaide house market. Outlook. Adelaide unit market. Outlook. Adelaide: dwelling prices CONTENTS. New dwelling supply CONTENTS Adelaide house market Despite the weakness in the economy, there has been modest house price growth in Adelaide over the past four years. Lower interest rates and prices at a relatively low base

More information

Housing Price Forecasts. Illinois and Chicago PMSA, December 2015

Housing Price Forecasts. Illinois and Chicago PMSA, December 2015 Housing Price Forecasts Illinois and Chicago PMSA, December 2015 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

Housing market report

Housing market report Australian capital cities and Gold Coast residential property market ruary Prepared by Australian Property Monitors The housing market is up and running in with increased buyer activity and seller confidence.

More information

Housing Price Forecasts. Illinois and Chicago PMSA, March 2018

Housing Price Forecasts. Illinois and Chicago PMSA, March 2018 Housing Price Forecasts Illinois and Chicago PMSA, March 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Housing Price Forecasts. Illinois and Chicago PMSA, April 2018

Housing Price Forecasts. Illinois and Chicago PMSA, April 2018 Housing Price Forecasts Illinois and Chicago PMSA, April 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

2007 IBB Housing Market Report

2007 IBB Housing Market Report 2007 IBB Housing Market Report Summary www.ibb.de Foreword Foreword Berlin s housing market remains on the move. The current trend, which is stronger than in previous years, shows the breakdown of the

More information

Quarterly Review The Australian Residential Property Market and Economy

Quarterly Review The Australian Residential Property Market and Economy Quarterly Review The Australian Residential Property Released January 2018 Contents Introduction 3 Housing Market 4 Mortgage Lending 11 Housing Supply 17 Demographic Overview 20 Household Finances 22 National

More information

Record leasing activity in the Melbourne CBD office market

Record leasing activity in the Melbourne CBD office market Record leasing activity in the Melbourne CBD office market June 215 Summary The recovery in the Melbourne CBD office leasing started in 214 and the momentum in leasing enquiry gathered pace in 215. We

More information

Autumn 2018 Ballarat Area Property Values Report

Autumn 2018 Ballarat Area Property Values Report Autumn 2018 Property Values Report Alfredton, Bakery Hill, Golden Point, Ballarat Central, Ballarat East, Eureka, Ballarat North, Invermay Park, Black Hill, Soldiers Hill, Canadian, Delacombe, Lake Gardens,

More information

Creswick Property Factsheet

Creswick Property Factsheet Creswick Property Factsheet 1st Half 2018 OVERVIEW Creswick, located 129km north west of Melbourne is 430m above sea level. A population of 3,170 was recorded in the 2016 ABS census. The area provides

More information

Brisbane CBD Office Market: the 1990s Vs Now

Brisbane CBD Office Market: the 1990s Vs Now September 2013 Brisbane CBD Office Market: the 1990s Vs Now Key Points Figure 1: Brisbane CBD Sub-lease Vacancy % of Total Stock 3.0 2.5 2.0 1.5 1.0 1993 2002 2009 2013 Total market vacancy in Q2/2013

More information

Housing Price Forecasts. Illinois and Chicago PMSA, August 2017

Housing Price Forecasts. Illinois and Chicago PMSA, August 2017 Housing Price Forecasts Illinois and Chicago PMSA, August 2017 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

South Australia Department of Treasury and Finance

South Australia Department of Treasury and Finance to the South Australia Department of Treasury and Finance on the State Tax Review 13 April 2015 Foreword...3 1. Executive Summary...4 2. Economic and housing backdrop in South Australia...4 3. Taxation

More information

Market Commentary Brisbane CBD Office

Market Commentary Brisbane CBD Office Market Commentary Brisbane CBD Office May 2016 Executive Summary There was a relatively soft start to the year for the CBD office leasing market with net absorption of 2,614 sqm recorded in 1Q16. Just

More information

Domain.com.au House Price Report December Quarter 2015

Domain.com.au House Price Report December Quarter 2015 Domain.com.au House Price Report December Quarter 2015 Dr Andrew Wilson Senior Economist for Domain.com.au Key findings Record drop in Sydney median house prices over the December quarter Melbourne and

More information

EDITION 1 GEELONG REGIONAL CENTRE REVIEW GEELONG 2017 MARCH

EDITION 1 GEELONG REGIONAL CENTRE REVIEW GEELONG 2017 MARCH 2017 EDITION 1 GEELONG REGIONAL CENTRE REVIEW 2017 MARCH GEELONG GEELONG AT A GLANCE OVERVIEW MAJOR GOVERNMENT FUNDED PROJECTS National Disability Insurance Agency Headquarters / Department of Human Services

More information

Performance of the Private Rental Market in Northern Ireland

Performance of the Private Rental Market in Northern Ireland Summary Research Report July - December Performance of the Private Rental Market in Northern Ireland Research Report July - December 1 Northern Ireland Rental Index: Issue No. 8 Disclaimer This report

More information

Outlook for the Australian Property Market OCTOBER This overview is produced by PMI in conjunction with BIS Shrapnel.

Outlook for the Australian Property Market OCTOBER This overview is produced by PMI in conjunction with BIS Shrapnel. Outlook for the Australian Property Market 2007-2010 OCTOBER 2007 This overview is produced by PMI in conjunction with BIS Shrapnel. Darwin Brisbane Perth Adelaide Sydney Canberra Melbourne Hobart DISCLAIMER

More information

Housing Price Forecasts. Illinois and Chicago PMSA, September 2016

Housing Price Forecasts. Illinois and Chicago PMSA, September 2016 Housing Price Forecasts Illinois and Chicago PMSA, September 2016 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Buxton Property Values Report Spring Albert Park Middle Park Port Melbourne South Melbourne Southbank St Kilda West

Buxton Property Values Report Spring Albert Park Middle Park Port Melbourne South Melbourne Southbank St Kilda West Albert Park Middle Park Port Melbourne South Melbourne St Kilda West Property Values Report Spring 2016 Changing buyer mix set to shape Spring property market Welcome to the Spring edition of our Property

More information

Victoria Property Report October 2015

Victoria Property Report October 2015 Victoria Property Report National Overview Media headlines regularly focus on the challenges first home buyers face finding affordable property, and yes, in many state capitals residential property is

More information

LANDLORDS CAUTIOUS AHEAD OF TAX CHANGES

LANDLORDS CAUTIOUS AHEAD OF TAX CHANGES FEBRUARY 2017 Q4 2016 LANDLORDS CAUTIOUS AHEAD OF TAX CHANGES Despite turbulence in the Private Rented Sector (PRS) dating back to the Government s 2015 Summer Budget, Paragon Mortgages latest PRS Trends

More information

San Francisco Housing Market Update

San Francisco Housing Market Update San Francisco Housing Market Update California Economic and Housing Market Outlook The national economy maintained a healthy growth rate in the first quarter of 2005 and appeared to be settling in for

More information

Housing Price Forecasts. Illinois and Chicago PMSA, August 2016

Housing Price Forecasts. Illinois and Chicago PMSA, August 2016 Housing Price Forecasts Illinois and Chicago PMSA, August 2016 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

FY General Revenue Forecast Presentation

FY General Revenue Forecast Presentation FY 2015-2019 General Revenue Forecast Presentation Steven A. Solomon Director of Finance February 18, 2014 Overview Current Economic Outlook National State Local FY 2014 2nd Quarter Revenue Update Five

More information

Housing Price Forecasts. Illinois and Chicago PMSA, March 2016

Housing Price Forecasts. Illinois and Chicago PMSA, March 2016 Housing Price Forecasts Illinois and Chicago PMSA, March 2016 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs

More information

Housing market report

Housing market report Capital city market report Prepared September Dr Andrew Wilson, Senior Economist Australian Property Monitors No sign of winter pause as housing markets gather strength into spring National overview Buyer

More information

Housing market report

Housing market report Capital city market report Prepared February Dr Andrew Wilson, Senior Economist Year off to a flying start as economic outlook improves National overview Australian capital city housing markets are providing

More information

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018 Housing Price Forecasts Illinois and Chicago PMSA, January 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Melbourne. Affordable & Liveable Property Guide

Melbourne. Affordable & Liveable Property Guide Melbourne Affordable & Liveable Property Guide 1st Half 2018 MELBOURNE AFFORDABLE & LIVEABLE PROPERTY GUIDE 1 st HALF 2018 METHODOLOGY This guide analyses all suburbs within the greater Melbourne area.

More information

Australian home size hits 22-year low

Australian home size hits 22-year low Australian home size hits 22-year low CommSec Home Size Trends Report Economics November 16 2018 The average floor size of an Australian home (houses and apartments) has fallen to a 22-year low. Data commissioned

More information

VIEW FROM PROPERTY EXPERTS VIEW FROM NAB ECONOMICS. NAB Behavioural & Industry Economics NAB RESIDENTIAL PROPERTY INDEX

VIEW FROM PROPERTY EXPERTS VIEW FROM NAB ECONOMICS. NAB Behavioural & Industry Economics NAB RESIDENTIAL PROPERTY INDEX NAB RESIDENTIAL PROPERTY SURVEY Q3-218 CURRENT MARKET SENTIMENT AMONG PROPERTY PROFESSIONALS DIPS TO A 7-YEAR LOW AND CONFIDENCE COLLAPSES AS WEAKENING HOUSE PRICES IN NSW & VIC WEIGH HEAVILY ON THE MARKET.

More information

TOUGHER CONDITIONS ON THE WAY FOR VICTORIA?

TOUGHER CONDITIONS ON THE WAY FOR VICTORIA? TOUGHER CONDITIONS ON THE WAY FOR VICTORIA? V ictoria s economy has been the star performer of recent years, with strong gains for jobs growth and population over recent years being underpinned by healthy

More information

OFFICE MARKET ANALYSIS:

OFFICE MARKET ANALYSIS: OFFICE MARKET ANALYSIS: DAVID WEST RMLS Fellow Certificate of Real Estate Development Student Masters of Urban and Regional Planning Candidate While the Portland office market continues the slow recovery

More information

NAB COMMERCIAL PROPERTY SURVEY Q4 2017

NAB COMMERCIAL PROPERTY SURVEY Q4 2017 EMBARGOED UNTIL 11.30 AM WEDNESDAY 21 FEBRUARY 2018 NAB COMMERCIAL PROPERTY SURVEY Q4 2017 Date February 2018 NAB Behavioural & Industry Economics KEY FINDINGS The NAB Commercial Property Index (a measure

More information

Alexandria Property Factsheet

Alexandria Property Factsheet Alexandria Property Factsheet 1st Half 2018 OVERVIEW Alexandria is an inner-eastern Sydney suburb located approx. 4km south of the Sydney CBD. Formerly recognised as an industrial suburb, it is now growing

More information

Perth CBD Office Market

Perth CBD Office Market SPRING 2016 MARKET TRENDS New supply has moderated. There is no new supply forecast until 2018. Demand weakened in the first half of 2016. Vacancy rates continued to rise in the first half of 2016. Face

More information

Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales

Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales APRIL 2018 Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales The U.S. economy posted strong growth with fourth quarter 2017 Real Gross Domestic Product (real GDP) growth revised upwards to

More information

CONTENTS. The QBE Australian Housing Outlook

CONTENTS. The QBE Australian Housing Outlook CONTENTS The QBE Australian Housing 2017 2020 About this report Produced by BIS Oxford Economics for QBE Lenders Mortgage Insurance. This report provides an analysis and forecast of the key drivers influencing

More information

HOUSING MARKET OUTLOOK Calgary CMA

HOUSING MARKET OUTLOOK Calgary CMA H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK Calgary CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2011 NEW HOME MARKET Total housing

More information

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018 INLAND EMPIRE REGIONAL INTELLIGENCE REPORT April 2018 Key economic indicators suggest that the Inland Empire s economy will continue to expand throughout the rest of 2018, building upon its recent growth.

More information

Construction Outlook: Major construction to further build on high base of activity

Construction Outlook: Major construction to further build on high base of activity SUNDAY 2 DECEMBER 2018 Construction Outlook: Major construction to further build on high base of activity Building on a high base, Australia s leading construction companies are projecting further expansion

More information

September 2016 RESIDENTIAL MARKET REPORT

September 2016 RESIDENTIAL MARKET REPORT September 2016 RESIDENTIAL MARKET REPORT The real estate investment market in Japan has had an abundance of capital (both domestic & foreign) over the past couple of years. This, along with the low (now

More information

RP Data - Nine Rewards Consumer housing market sentiment survey Released: Wednesday 26 February, 2014

RP Data - Nine Rewards Consumer housing market sentiment survey Released: Wednesday 26 February, 2014 National Media Release RP Data - Nine Rewards Consumer housing market sentiment survey Released: Wednesday 26 February, 2014 Survey reveals - Australian s confident about housing market conditions The

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report October 21 1 Housing Bulletin Monthly Report Housing Starts show Slight improvement in September CANADA Housing Starts 2, 15, 1, 5, Sep 8 Oct 8 Nov 8 Dec 8 Preliminary Housing Starts in Alberta and Canada

More information

6 April 2018 KEY POINTS

6 April 2018 KEY POINTS 6 April 2018 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THULANI LUVUNO: STATISTICIAN 087-730 2254 thulani.luvuno@fnb.co.za

More information

AUSTRALIAN HOUSING: HIPSTER BREAKFAST CHOICES OR A NATION OF SPECULATING SPIVS? Housing is a human right

AUSTRALIAN HOUSING: HIPSTER BREAKFAST CHOICES OR A NATION OF SPECULATING SPIVS? Housing is a human right AUSTRALIAN HOUSING: HIPSTER BREAKFAST CHOICES OR A NATION OF SPECULATING SPIVS? A SERIES OF QUESTIONS Is Australia in a housing bubble that will inevitably burst? What drives housing inflation in Australia?

More information

Domain House Price Report

Domain House Price Report Domain House Price Report June Quarter 2016 Dr Andrew Wilson Chief Economist for Domain Key findings median house price back up over $1 million Median house prices hit new record in Melbourne, and, with

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report January 21 1 Housing Bulletin Monthly Report Most new homes built in second half of 29 25, 2, 15, 1, 5, Dec 7 Jan 8 Feb 8 mar 8 apr 8 Alberta s 29 housing starts increased 72.8 per cent over 28, suggesting

More information

An Assessment of Sydney s Industrial Land Supply. A shortage of developable land has the potential to impact occupier location strategies

An Assessment of Sydney s Industrial Land Supply. A shortage of developable land has the potential to impact occupier location strategies An Assessment of Sydney s Industrial Land Supply A shortage of developable land has the potential to impact occupier location strategies At 4Q17 3 years 4.1% 37% 4 years Gross-take up above 1 million sqm

More information

RENTAL SNAPSHOT. Monthly market report: July Media Release 01 August Rent.com.au monthly market report: July 2018 Page 1

RENTAL SNAPSHOT. Monthly market report: July Media Release 01 August Rent.com.au monthly market report: July 2018 Page 1 RENTAL SNAPSHOT Monthly market report: July 2018 Media Release 01 August 2018 For further information, please contact: Rent.com.au p: 1300 736 810 e: agents@rent.com.au Rent.com.au monthly market report:

More information

National Rental Affordability Scheme. Economic and Taxation Impact Study

National Rental Affordability Scheme. Economic and Taxation Impact Study National Rental Affordability Scheme Economic and Taxation Impact Study December 2013 This study was commissioned by NRAS Providers Ltd, a not-for-profit organisation representing NRAS Approved Participants

More information

Residential Commentary Brisbane Apartment Market

Residential Commentary Brisbane Apartment Market Residential Commentary Brisbane Apartment Market July 2016 Executive Summary Approximately 15,200 apartments are under construction and are expected to complete over 2016-2021 within Inner Brisbane. The

More information

RESIDENTIAL RESEARCH A REVIEW OF KEY RESIDENTIAL INDICATORS ACROSS MAJOR AUSTRALIAN CITIES

RESIDENTIAL RESEARCH A REVIEW OF KEY RESIDENTIAL INDICATORS ACROSS MAJOR AUSTRALIAN CITIES RESIDENTIAL RESEARCH A REVIEW OF KEY RESIDENTIAL INDICATORS ACROSS MAJOR AUSTRALIAN CITIES Aug-17 Feb-18 Aug-18 Economic growth was recorded at 3.1 growth in March 2018. Unemployment across Australia was

More information

FY2012 RESULTS PRESENTATION

FY2012 RESULTS PRESENTATION FY2012 RESULTS PRESENTATION 21 August 2012 INVESTMENT HIGHLIGHTS Proven track record of consistent earnings growth and meeting targets Strategically located and diverse residential portfolio Urban and

More information

NZ property report OCTOBER 2016

NZ property report OCTOBER 2016 NZ property report OCTOBER 2016 Report Definitions Sales by registration type; rolling three month, year-on-year growth This data set provides an insight into who is active in the market compared to the

More information

Democratising Property Investments

Democratising Property Investments Democratising Property Investments What I wish to share today 1. Property sector outlook 2. How theedgeproperty.com can help you make better property investment decisions Property Sector Outlook The property

More information

House price report. September quarter Dr Andrew Wilson Senior Economist for the Domain Group

House price report. September quarter Dr Andrew Wilson Senior Economist for the Domain Group September quarter 2014 Dr Andrew Wilson Senior Economist for the Domain Group Key findings Most capital city housing markets recorded falls in house prices over the September quarter September quarter

More information

14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST

14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157

More information

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,

More information